Wells Fargo Secured Credit Card Review

No one-time or monthly fees. Although it’s the norm for secured offers, the Wells Fargo Secured Credit Card’s lack of fees for application processing and monthly account maintenance does set it apart from many unsecured credit cards for people with bad credit.

Still not the cheapest card available. The Wells Fargo Secured Card charges a $25 annual fee, allowing you to rebuild your credit at a fairly low cost. But while such a fee compares favorably to that charged by many credit cards for bad credit, which can cost as much as $125 per year, it’s still well above the average credit card’s $17.35 yearly charge.

Higher minimum deposit than other options. The Wells Fargo Secured Visa Credit Card requires users to place a refundable security deposit of at least $300, which will act as the account’s credit limit. That’s not a terrible burden, considering a number of secured cards require double that amount. However, some demand just $200 down, which could be an important difference if you’re strapped for cash.

Above-average APR. The Wells Fargo Secured Credit Card APR isn’t terrible, despite being above the 18.81% assessed by the average secured card, according to WalletHub’s latest Credit Card Landscape Report. This really shouldn’t matter, though. You should try to always pay a secured card’s monthly bill in full, as carrying a balance will mean paying interest on a loan you’ve basically given yourself, since your credit line is prepaid.

Approval isn’t guaranteed. Secured credit cards offer the closest thing you can get to guaranteed approval, but it’s still possible to get turned down. For example, you may not be able to get the Wells Fargo Secured Card if there are any open liens listed on your credit report.

Available to U.S. citizens, permanent residents, and nonresident aliens. Eligibility to upgrade to an unsecured credit card is restricted to U.S. citizens and permanent resident aliens with a valid SSN or TIN.

Your Wells Fargo Secured card graduation depends on both Wells Fargo and you. They don't have a specific timetable, but I got the offer after about a year. If you do accept, they'll give you your deposit back, and you'll basically upgrade to a different card.

If you want to get the offer too, just keep all your payments on time and use your card but keep your utilization low.

You should be able to get a Wells Fargo Secured as long as you have the $300 required for the deposit.

Secured credit cards tend to have relatively lenient approval requirements because the deposit serves as your credit line, thus preventing you from spending more than you can afford to repay and minimizing risk from the issuer's perspective. That's why a secured card is the best tool for rebuilding from bad credit. You can learn more about secured credit cards here.

An increased credit line could improve your credit utilization (i.e. how much of your available credit you use on a monthly basis). This is an important part of improving your credit score, which you can learn more about here: http://wallethub.com/edu/credit-utilization-guide/25601/ . You can also see exactly how your credit score reacts to the change by signing up for WalletHub: https://wallethub.com/join/ . Your free account provides daily credit score updates, access to your full credit report (also updated daily), 24/7 credit monitoring and personalized credit-improvement advice. Hope this helps. Best of luck!

The funds may remain on deposit for up to 60 days before being returned to you. The issuer needs to confirm the balance has been paid in full, including any transactions that may have previously been pending. Hope this helps.

3.2 out of 5

Applied dec 14 2018 was approved it is now January 8 2019 still no card. Around Christmas I called to see what was going on after I got a statement saying they had closed the account before I even got a card or they took the deposit. Talked to a supervisor who said they would call me back the next day. Now all of a sudden they took the deposit the next morning when the supervisor called back she had no clue yet I'm still waiting for my money or the card…read more

I open this card in November 2017. The thing about this bank is if you don’t have any other affiliation or services with them they have no interest in upgrading you. I have a checking account and a savings account with Wells Fargo and on June 11 2018 just shy of 7 months I was upgraded to unsecured. I logged onto my checking account I noticed a deposit of $300 into the account. The next day Wells Fargo upgraded my visa to an unsecured card. So yes they will upgrade you. Just be patient. It would also help if you had some other type of product from Wells Fargo also just to note you can’t be late or overdrawn not even by a penny. Good luck and be patient!…read more

Not worth it. I purchased a $300 secure card on the pretense that if I make my payments on time and my credit score rises, I would be upgraded to a regular credit card. I had my car for 2 years. In that time I made every payment on time (usually the full balance) and raised my score almost 200 points. My credit card was never advanced. I finally decided to close the account and was assured that the palace would be transferred into my checking by today. Not only has my money not been released to me but the person I spoke with today say it may take about 60 days. I was never told that before. I would recommend anyone wasting time getting this card.…read more

This card is crap. I have had this. And 3 years and never been over my limit or missed a payment and have not been upgraded. You can go to different sites and people say the same thing never getting upgraded. I called and they don’t care, they say just to keep making payments and it will be upgraded. I told them that I was going to close my account and they said ok that money would be put into my checking, no care in the world. If you need a card try Bank of America or Citibank.…read more

I was told when i got this secured credit card that my account would be reviewed after 1 year. If i was in good standing and my credit score increased then i could possibly get my deposit back and be moved to an unsecured card. Its been way over a year and the bank still has yet to review my account. Apparently it is random and no one knows when they could do it. My credit score did go from 520 to 639. Its not a huge increase but i have done well. I am unhappy that i was told one thing and it never happened. I am planning to apply for a capital one and if i get approved i will be closing this card.…read more

I was approved for a Wells Fargo secured,with a deposit of $300.After careful consideration,I decided after2 days,that I didn't want the card,so I called the card dept,to cancel all transactions.I was told your account will not be debited,and the card request is cancelled,which was a lie.These people debited my account for $300, immediately after I requested cancellation.The bank is refusing to return my deposit.I called this office multiple times,with no results.I was told you will have it back into your account within3 days,and then it will sent to you overnight.I am transferred from person to person,everyone has a different tale.I had to obtain legal counsel to recover my money.This bank has caused me stress and hardship.My account is OD,because of their actions,and they charged me overdraft fees.I am hopeful,with litigation,I will receive my money.There is no legal reason,for withholding my deposit.I was also told ,it usually takes 45-60 days to receive a refund,which is outrageous.Wells Fargo is unfair,and has lousy customer service.I was not allowed to speak with a mgr.or supervisor.Their customer care dept.,said,we are the highest in authority.…read more

NEVER GET THIS CARD. THEY LIE ABOUT GETTING YOUR DEPOSIT BACK AFTER 6-9 months. We have had the card almost 2 years and it been payed off for 3 months and still no deposit back. Capital one is the best

Never graduates you. 2 years ($50.00 in maintenance fees) and 5 phone calls later, I am still waiting on their so-called "periodical review" to upgrade me to an Unsecured Credit Card. 100% payments on time, never gone over 10% of credit utilization, my credit score is 763 and I currently have 2 other unsecured credit cards, and they still won't give me a straight answer. In one word: SCAM!!

When I opened this card OVER FOUR YEARS AGO, I was told that, with 6m-12 months of on time payments, it would be converted to a regular credit card. I haver NEVER paid late. After 2 years, I received a letter saying that after 5 more on time payments, this would be converted to a regular credit card. After 6 more on time payments, I called Wells Fargo and they said they did not know where the letter (on their letterhead) came from. I went into a branch and was told they do not have control over the cards, "sorry there is nothing we can do from this end, try calling again." I did to no avail. I have several credit cards now with over $10,000 in credit but still cannot get Wells Fargo to convert my secured card. I will be closing it soon.…read more

Been with them over 2 1/2 years. Charged $25 Annual Fee THREE TIMES ALREADY! I still have not been converted to a regular card AND they still have my $300 secured deposit.

I got a Capital One UNSECURED card with $300 to start. In SIX months they increased my limit to $3,300.

Do yourself a favor and go with Capital One.

I have been paying my bill IN FULL, ON TIME, EVERY MONTH on both cards.

It should not have to take Wells Fargo this long to convert me. And I have called several times. Went into the bank several times. And every time they tell me it is an automatic process and I will just have to wait. Yeah. Right.

Well Wells Fargo. In the time that you make me wait, I will continue to bad mouth you and give you a bad review. AND turn people to your competitors.

I had 100% identical case/issue. Wells Fargo continuously refused to provide dated or number of times they reviewed my Secured Card....one rep said there is not a single note on the acct, so, presumption is-WF never even tried....PURE SCAM on WF side!

Stay away from wells fargo credit card very bad experience they charge me late fee on financial monthly payments even I send check on time. Very disappointed I will never use a credit card or finacial offer from them.. customer service so rude and unprofessional.

I got the card because I never had a credit card before and needed a secured credit card to build my credit score. The $25 annual fee is an outrage though. I would lower the annual fee or do away with it entirely if possible. I would recommend this credit card only to those who are just starting out and need to get a secured credit card to build up your credit score. You need to have a minimum security deposit of $300 for this credit card, and that will serve as your credit limit. Personally, I would recommend looking for the lowest annual fee if you are looking for a secured credit card, and I don't think a $25 annual fee is the lowest you can get.…read more

What im a bit lost on in a VAST majority of these reviews is that most people are refusing to come to the realization that this card is for people with BAD credit scores. Its for people who CANT get unsecured cards..yet. You are paying an annual fee and high interest because you are paying for your bad credit <just like me>. They are giving you a way to increase your score over time. this is your so called "last ditch effort" to show future creditors that you can be responsible enough to get credit for that $30,000 car or that $250,000 home. I personally feel the interest rate and reasonably low annual fee is right in line with what this cards target audience IS. And you wont even have to worry about the high interest if you pay your bill early. Use it for getting gas each week and then pay it a few days later. pay your cell phone bill with it... then a few days or a week later, pay it off. . Dont let it hit the credit cycle and youre getting free points on your credit score when they report you paying on time and using a low % of your available credit which ive learned is a big factor in determining credit. The deposit you place is again, part of the price we are paying to build or rebuild credit rating. If you need money from an ATM.. use your BANK card and then youre not stuck paying the high cash advance fee. Im shopping around before deciding but I dont think WF is off base with their expectations…read more

This card has a very low anual fee and is a decent card for those who have had credit problems in the past and are trying to rebuild their credit. I have had good experiences so far with contacting their customer service though I have not had to do this much. I always pay my balance off at the end of each billing cycle and I am very careful with my spending on this card. It would be very easy to wreck my credit even further if I'm not careful. Wells fargo is also a very good bank and I had an account with them for many years without ever having any issues from them.…read more

They play games with getting you your deposit back after you close the card. They tell you that it takes 45 to 60 days. I had not used my card once in the month prior to closing it and have no pending charges whatsoever. There is no reason that they need to sit on your money that long after you close it. They just take advantage of the situation.

This secure card is so stupid, I opened for about 9 months and never unsecured me. Many different credit card companies offered me actual credit cards and, I opened many actual credit cards. Now my credit score become 700. But they never unsecured me. Now I call them to close the account, they close my account. But they hold my money for another 60 days. They will use my money $500 for another 2 months after account closed; I do not get any interest. Very bad cheating people. They do not want to refund you easy.When you close the account, they hold your money for another 60 days for nothing. That so bad, I never see a credit card company like that.…read more

We have a Wells Fargo account for my wife's business. Since we never spend more than we have in the account the Wells Fargo® Secured Credit Card is pointless. Why pay fees and a high interest rate on essentially what is a debit card. So we just use the visa debit card that comes with her checking account.

I have had several credit cards over my life and I would not consider this one very good. Not only is the interest rate high there are annual fees as well. The grace period is a nice feature but overall there are better credit cards out there

I looked into this credit card while researching the Capital one secured credit card and I definitely prefer Wells Fargo. Its annual fee is only $25 which is a little lower than Capital One's $29 annual fee. The APR for Wells Fargo's card is very competitive at 18.99% which beats Capital One's 24.9%. As a bonus, you are also given access to free online credit education courses to help you manage your credit. The only complaint I have is that, at $300, the security deposit is a bit steep. However, given the rest of the Wells Fargo secured credit card features, I feel that it's a great card overall for someone who is trying to rebuild their credit.…read more

I wasn't a big fan of the Wells Fargo Secured Credit Card. It's like prepaid cards in that you have to load it your own money to use as a credit line but it comes with an annual fee and you still have interest charged to it. It is a tradeoff though. With this you do get some standard card benefits like roadside assistance and the like but it still feels weird to me to get interest and annual fees when you have to put your own money up.

If you're looking to build your credit and don't have much of a history, I would recommend one of the prepaid cards over this one. I've also had mixed experience with their customer service. I would recommend the American Express Serve prepaid card over this. It doesn't have the benefits but it also doesn't charge you fees or interest. And the customer service is great.…read more

I have been researching options to help me rebuild my credit and the Well Fargo Card does not seem to be the best option. The variable interest fee of 18.99% and the deposit amount of $300 is higher than other secured card options available such as the Open Sky Visa, which has a variable interest fee of 17.5% with a minimum $200 deposit required. The Wells Fargo Card does however, offer smart chip technology, offering extra security against fraudulent usage, whereas the Open Sky Visa doesn't. Before applying for a secure credit card, I would recommend doing some research to view the many options out there and choosing the one that best meets the qualifications that are most important to you.…read more

Open Sky is for people who may or may not have current Checking Accounts or Savings accounts. I am looking for a good credit-building card and although I understand the high-deposit issues with the Wells Fargo card, I have been a Wells Fargo Checking Account Customer since 2004 and have "Platinum Status" on my Debit Cards (I have 3 Debit Accounts and 1 IRA Account currently). So what I'm saying is were you already a Wells Fargo customer/did you have an active Checking Account when you applied for the Wells Fargo Secured Card? And if so...did you find that being a current/longstanding customer with Wells Fargo was helpful or not in terms of eventually establishing unsecured credit and/or benefits and rewards of the secured card?…read more

For someone just starting out or trying to rebuild credit the Wells Fargo Secured Credit Card seems like a good option.

A big plus is the annual fee is only $25. That's cheaper than a lot of unsecured credit cards. The regular APR is 18.99% which is high but if you don't plan to carry a balance you don't need to worry about it.

I like the fact that it has built in budgeting tools as that can be challenging when dealing with credit cards.

For comparison sakes I also looked at the Capitol One secured card. That card has a 22.9% APR and a $29 annual fee. Both cards offer travel emergency and roadside assistance services. Both cards are also issued by a well known bank which is a plus.

If you are desperate to build/rebuild credit and don't plan to carry a large balance then the Wells Fargo card is a good option.…read more

One of the nicest options for this card is that they offer free educational classes about credit and how to increase their credit. This is a great addition for those who use this card, because this card is designed for those who have had bad credit in the past and need an option. I also like that this has the pin and chip in it, as that is the more secure option for credit cards. The APR rate is also comparable to other credit cards out there.…read more

This is a good card to issue to some one like a teenager or college student. I deposited half my savings in the collateral account and then was able to pay off my balances from the earnings from my part time job. The Wells Fargo Secured Visa was a good way to learn about credit cards and how they work with out risking too much debt, since the credit limit was tied directly to the amount of money I was able to cover.…read more

One of the best features of the Wells Fargo Secured Card, and one that's unique to this card alone (as far as I know) is: if you use it to pay your cell phone bill each month (to whichever carrier you use) , they'll cover your cellphone against loss or damage up to $600.00 with only a $25.00 deductible fee. That's a really sweet deal. I was paying $10.00 a month for insurance thru Verizon for each of my cell phones and they had a $100.00 (Android Note 3) to $250.00 (IPhone 6S) deductible.This feature alone makes this one of the best secured cards available.…read more

Overall this seems like a fairly good credit card, I do however have some complaints. The initial deposit is a bit high for my taste, perhaps this be be brought down to a more reasonable number. I also have some concerns regarding the reporting of various statistics, assuming of course that these are not used as advertising fodder I would be fine with it but too often is this information misused. Additional clarity on this matter would be welcome. Now as far as the positives go the annual fee seems very reasonable as well as the grace period. The lack of one time fees is also nice and is a huge plus for me. The zero liability program seems very generous and help ease my mind concerning the matter of credit cards and whether or not it would be stolen. As a side note the access to free online education courses is a very generous program and does much to better my trust of this program and the company. In conclusion a few small tweaks here and there would do much to sell this to me. I may consider this card in the future.…read more

The Wells Fargo Secured Credit Card has been pretty good for me! Remember, this card is for people that have bad credit and can't get a regular card. I made some bad financial decisions in the past that are costing me now. This card is a great way for someone with bad to fair credit improve their credit score because it requires you to have a deposit. Add that to the fact that there aren't overdraft fees and the like, and you have what amounts to a very solid credit card. After your credit rating goes up, then you can go for the better option cards. But for what it does, it does good.…read more

The Wells Fargo Secured credit card doesn't seem like the best option out there. When my husband and I first started building credit we used Discover. The rates on the Wells Fargo card are high. There is an annual fee which you could always try to avoid. I have used several different credit cards. Some credit cards will offer rewards, which should not be why you pick a card but it is nice to have. There are some good things about this card. The collateral account is good for people who want to be smart about it and increase their credit score. Overall this card seems to be an okay option, but I would say shop around for better deals. They are out there. I've used Discover and Capital One. Neither of these have annual fees. Be smart and pay off everything you buy as you go. If you don't you will find yourself paying that 18.99%. Once you start that, it is hard to get out of.…read more

Like most credit cards this one is high risk and medium reward. I think It's perfect for responsible people that are looking to increase their credit score. Although I'm not to fond of the annual fee or the fact I can't pay bills with what I put into the account. It's not the worse credit card I've seen but there are better ones to apply for.

I like the fact that the Wells Fargo Secured Credit Card requires collateral to establish a credit limit. I think this promotes good credit-building skills and responsibility. When I was young I had an unsecured credit card through Capital One, and the "something for nothing" model promoted too much extra spending. I like the idea of sacrifice in exchange for credit.

The Wells Fargo Secured Credit Card has been amazing for me! It is a great way for someone with bad to fair credit improve their credit score because it requires you to open a collateral account, which they double to create your credit limit. Add that to the fact that there aren't overdraft fees and the like, and you have what amounts to a very solid credit card. Similar options by other banks will typically have not only higher APRs but also higher cash advance fees and rates as well. And if you ever run into any issues, Wells Fargo has branches literally all over the country so an associate will be able to remedy the problem face to face, and that is something that gives me additional comfort especially considering a collateral account is required.…read more

This is a card where the limit is equal to the amount of collateral, and yet they charge $25 in annual fees, plus interest. My sister got this card and when I told her she should cancel it because it was a terrible deal, they tell her it will take 45-60 days to refund the money that she put up as collateral. They were able to get that money out of her account the *same day* the card was opened, but can't refund it for two months? That's even more absurd.…read more

What I do not like about this card is the high interest rate. I currently hold the Discover card and that interest rate is a bit higher but I do get cash back rewards. I also have the Alaska Airlines card and it has a much more affordable rate and I get free flights with my miles quickly. I think the Wells Fargo card would be a great card if you are not planning on using it much if you wanted to connect it to your Wells Fargo account to have the overdraft protection. The annual feel is reasonable. The cash advance fee is 23.99%! That is outrageous. For people that want or need a secured card it is a decent option but I think you would have to be very disciplined to keep from getting into trouble all over again!…read more

I think this is a great card for new credit card holders! To put in and only use what you put in is an easy way to learn how to properly use credit. If I had this option when I was younger it would have helped me a great deal. The annual fee is on par with my current credit card the Amazon Visa and I think would give credibility to the actual experience of charges and fees most credit cards have. Given the chance to use only what is available and nothing more could lead to a better economy, in my opinion.…read more

I opened up a secured card with a $300 deposit. I have found that it has been a great way for me to build my credit score. You need to be very careful about paying off the card so you don't get hit by the large interest rate. One problem I've encountered is that it takes a week to receive your $300 deposit back if you try and close the account. It also will turn-over into a credit card after 12 months.…read more

On the up side, the card can improve your credit score. The downside proves why people find their credit score tumbling. With a high interest rate against your own money and not to mention the fact that if you take a cash advance on your OWN money which has secured the card, a fee of $20.00 is assessed for any transaction up to $100.00. After that it is 5%. So, it's up to you but I'd be very very careful especially when considering a cash advance or transfer of funds to your checking account. Transfers are also considered cash advance. It's typical of banks but I don't like the way consumers are tricked into getting walloped if they take $20.00 out of an ATM. Your best bet if you use the card is to use it only on transactions, don't use it at an ATM or go to the bank and take money out on it. You will be unpleasently suprised. It's great if you use it responsibly and pay off the balance each month. Sorry, but I can give it no more than two stars..…read more

As far as secured credit cards go, Wells Fargo Secured Credit Card looks pretty appealing. The minimum deposit is only $300, while other secured cards require more than this to open an account. I like that they do report to credit bureaus so that folks with bad or no credit can obtain a credit rating. And a positive credit rating by paying this bill on time.

I usually do not enjoy using cards that have an annual fee. Especially when there are no bonuses and the fees are high. However, the required credit score is "bad", this means you can use this card to help your credit score go higher! I highly recommend it for a person that has made mistakes in the past and has ruined their score. Be careful, the rate is a little high though.

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Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.

Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. When you click "Apply Now" you will be directed to the offering institution's website. In addition, keep in mind that actual rates and other information may vary for a number of reasons including the applicant's' creditworthiness and differences between an individual's situation and the criteria/assumptions used to generate the information displayed. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

Ad Disclosure: Offers originating from paying advertisers are noted as “Sponsored” at the top of this page. Advertising may impact how and where offers appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Irrespective of whether an offering institution is a paid advertiser, the presence of offer information on WalletHub does not constitute a referral or endorsement of the institution by us or vice versa. Furthermore, offers have not been reviewed or approved by the offering institution. Information is displayed first and foremost to help consumers make better decisions.

Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by the issuer. In addition, it is not issuer’s responsibility to ensure all posts and/or questions are answered.